"Fade out" with Blender internal engine?
Certenly is possible, but you have to consider that Blender Render and Cycles handle transparecy in a different way, so you'll probably have to make a few adjustment to your scene to get similar results.

You can animate the alpha factor directly from the Material's menu



Or the alpha output factor in the node editor (if you are going for node based material).



Don't froget to enable Z Transparecy or Raytrace option for transparency calculation method (for node based material you can find it under Render Pipeline Options).